EUR/USD Price Analysis: Marches towards 1.0200 inside falling wedge

EUR/USD picks up bids to refresh intraday high during three-day uptrend.
Successful break of 50-SMA, bullish MACD signals keep buyers hopeful.
Upside clearance of 1.0200 becomes necessary to confirm the bullish chart pattern.
50-DMA, weekly support line restricts immediate downside moves.

Anil Panchal FXStreet

EUR/USD refreshes intraday high around 1.0150 as bulls portray the three-day uptrend amid the initial European session on Tuesday.

The major currency pair rose to the highest levels in a month the previous day before reversing from the resistance line of a nearly two-month-long falling wedge bullish chart pattern. The pullback moves, however, remained above the 50-DMA and kept the buyers hopeful.

Also favoring the upside momentum are the bullish MACD signals and the firmer RSI (14), not overbought.

It should, however, be noted that the clear upside break of the 1.0200 threshold becomes important for the EUR/USD bulls as it will confirm the theoretical transition towards the 1.0950 hurdle.

During the run-up, the tops marked during August and June, respectively near 1.0370 and 1.0615, could test the upside momentum, in addition to the 100-DMA hurdle surrounding 1.0335.

Meanwhile, pullback moves may initially aim for the 50-DMA support near 1.0115, a break of which could direct EUR/USD bears towards a one-week-old support line, close to 1.0085 by the press time.

Following that, the yearly low near 0.9865 and the lower line of the stated wedge, close to 0.9860, should gain the market’s attention.

EUR/USD: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	1.0147
Today Daily Change	0.0024
Today Daily Change %	0.24%
Today daily open	1.0123

Trends
Daily SMA20	1.0013
Daily SMA50	1.0114
Daily SMA100	1.034
Daily SMA200	1.0757

Levels
Previous Daily High	1.0198
Previous Daily Low	1.0043
Previous Weekly High	1.0114
Previous Weekly Low	0.9864
Previous Monthly High	1.0369
Previous Monthly Low	0.9901
Daily Fibonacci 38.2%	1.0139
Daily Fibonacci 61.8%	1.0102
Daily Pivot Point S1	1.0044
Daily Pivot Point S2	0.9966
Daily Pivot Point S3	0.989
Daily Pivot Point R1	1.0199
Daily Pivot Point R2	1.0276
Daily Pivot Point R3	1.0354

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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